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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
Through out terms of engineering and environmental challenges, the automotive sector is fast developing.
Electric vehicles (EVs) were first presented as a clean energy project because of their low or zero emissions, and they have now progressed to become an important element of OEM business strategy.To compensate for the predicted EV growth in the future, manufacturers are forming dedicated EV business groups.
| S No | Overview of Development | Development Detailing | Region of Development | Possible Future Outcomes |
| 1 | EV sales almost double this year in Korea | Throughout South Korea, over 71,000 electric cars have already been purchased. | South Korea | This would enhance better Technological Controls |
| 2 | GM to launch 10 EVs in South Korea by 2025 | By 2025, General Motors plans to launch ten electrified vehicles in South Korea. | South Korea | This would enhance better Technological Controls |
| 3 | S.Korea's Hyundai Motor plans to invest $16 bln in EV push | It has made a long term planned investment announcement of 95.5 Trillion Won in 2030 | South Korea | This would enhance better Technological Controls |
| 4 | South Korea to phase out ICE vehicles by 2035 | Automakers contended that the industry would need time to scale up before making a complete move away from ICE. | South Korea | This would enhance better Technological Controls |
| 5 | South Korea to set global standards for electric vehicles wireless charging | South Korea has decided to step up efforts to market EV charging technologies developed in the country. | South Korea | This would enhance better Technological Controls |
SK E&S Co. of South Korea purchased US electric vehicle charging solution provider EverCharge Inc. to launch the company in the third-largest EV market in the world.
According to SK E&S, it was the first South Korean business to assume administration of a US EV charging business.
The SK Group's natural gas business unit claimed that the company used some of the funds that had previously been pumped into its US affiliate, SK E&S Americas, for the transaction. The remainder will be put to use by SK E&S in other energy solution industries.
A first step in the company's metamorphosis into a carbon neutral energy optimizer is its entry into the US EV charging industry.
SK Group has been actively seeking mergers and acquisitions in the US to broaden its portfolio of green energy businesses, which includes refineries, natural gas, batteries, and renewable energy.
California-based company EverCharge produces EV chargers and offers services for running charging stations. It manages 4,600 EV chargers in North America with a concentration on those placed at parking lots for substantial structures.
The South Korean government has made the decision to aggressively promote technological advancements in the area of e-mobility in order to drive down the cost of electric vehicles.
The creation of new platforms and the usage of indigenous battery components will be the main methods used to lower the cost of electric vehicles. The government aims to encourage similar strategies in the area of e-commercial vehicles, using the example of the E-GMP platform offered by Hyundai for the Ioniq 5. The announced package of measures also includes a battery leasing programme run by Hyundai.
The goals of the government's plans, developed in collaboration with the industry, are to increase the maximum range of hydrogen and electric vehicles to at least 800 kilometres and at least 600 kilometres, respectively. The service life of hydrogen vehicles must be extended, while the fuel economy of electric vehicles must be raised by at least 15%.
Additionally, it hopes to commercialise solid-state batteries and advance the 1,000-kilometer range of liquid hydrogen cars. In light of this, the government aims to assist vendors in converting to cutting-edge technologies.
The number of ecologically friendly vehicles on the road will rise, according to the government. It's not obvious exactly what kinds of automobiles this covers.
This will be accomplished by mandating that only eco-friendly automobiles be purchased by the public sector. Additionally, new incentives for ecologically friendly company vehicles are to be introduced, and purchase instructions are to be issued to large corporations and automobile rental organisations.
The Hyundai Motor Group (the Group) has completed a project with Microsoft Korea to demonstrate that digital twin technology is useful for anticipating the battery life of an electric vehicle and enhancing its battery management and performance.
The Group built digital twins of actual electric cars (EVs) using Microsoft's cloud service Azure in an effort to increase the precision of battery lifespan prediction and tailor battery management systems for each EV type.Depending on how well the project goes, the Group may use digital twin technology in the future to boost battery performance.
In order to anticipate the battery life of each car, the Group used the digital twins of EVs it produced in a virtual environment based on varied driving data gathered from real-world EVs.
This high-level, data-integrated analytical model employs physical models, machine learning, and artificial intelligence (AI) to thoroughly analyse data, including charging and discharging cycles, parking situations, and driving settings.
By continuously recalculating and assessing numerous aspects based on actual vehicle driving history, digital twin technology proven to be more accurate than a traditional battery management system that only evaluates current performance.
The Group anticipates creating unique battery management strategies for each car using digital twins in order to maintain peak performance. The project also integrated technologies that offer guidance in the form of messages to help users better control vehicle performance, such as Ventilation seats are more energy efficient than continuously utilising air conditioners and Use slow charging when you have time.
The Group is also looking at additional ways to enhance the performance of batteries and EVs in addition to this project, and it intends to review the use of similar technologies in mass production.
The South Korea Electric Vehicle Market is expected to gain market growth in the forecast period of 2023 to 2030. It is analyzed that the market is growing with a CAGR of XX.X% in the forecast period of 2023 to 2030 and is expected to reach USD XXXX million by 2030.
South Korea is an intriguing market, given its technological superiority in battery manufacture and significant EV revenues (exports) in European, regardless of the fact that its domestic market lags well behind Europe, China, as well as the United States. In South Korea,
hybrids have performed well, indicating a desire for alternate fuel cars as well as climate change. Low EV range as well as a shortage of infrastructure investment, according with community, are the main reasons for poor Adoption of electric vehicles.
Kia Motors is a leading mobiliser of the various explorer oriented electric vehicle manufacturer requirements in the market. The Kia Motors introduced the Niro HEV in 2016 and expects to expand the use of HEVs across the board in the future.
The Niro HEV, which was praised for combining a hybrid version with an SUV body. "Eco," which stands for Ecology and Economy, forms the word ECO dynamics,which reflects the Company's dedication to making a significant contribution to mankind and the world environment.
General Motors Co has been one of the most advanced solution provider in the used car requirements. This Ultrium Platform is a game-changing platform.
Designed for distance, power, and versatility to charge quickly, run for long periods of time, and fit into any automobile. General Motors' aim to provide 30 new electric vehicles internationally by 2025 is based on this breakthrough.
New 2024 Chevrolet Silverado EV is a ground-breaking vehicle that is changing what this meant to go all-electric as we progress forward.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography, 2024-2030 |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Application, 2024-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by End use, 2024-2030 |
| 21 | Product installation rate by OEM, 2023 |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors, 2023 |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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